Singapore's car scene is filled with assumptions, from how COE works to what really affects car valuation. While some beliefs are grounded in fact, others are outdated myths that can mislead car owners. In this article, we uncover the truths and myths about cars in Singapore, ensuring that you stay informed while making smarter car-related decisions.
#1: COE Prices Always Go Up
🚫 Myth! Many assume that COE (Certificate of Entitlement) prices only increase over time, but history has shown that prices fluctuate. While demand and economic conditions play a huge role, there have been periods where COE prices dipped significantly. Keeping an eye on market trends can help you time your purchase wisely.
✔ Truth: COE prices are affected by multiple factors, including economic conditions, government policies, and vehicle demand. If you are considering buying or selling, it is best to stay updated with the latest trends through a trusted car dealer.
#2: New Cars Always Have Better Resale Value Than Used Cars
🚫 Myth! While new cars may seem like the safer choice for resale, depreciation is fastest within the first few years. A well-maintained used car with a good service history can sometimes hold its value better than a brand-new vehicle.
✔ Truth: A car's valuation depends more on mileage, brand reputation, and COE renewal options than just its age. To ensure you get the most accurate resale value, regular car valuation is recommended.
Myth #3: Parallel Imported Cars Have Lower Quality Than Officially Imported Cars
🚫 Myth! Some believe that parallel import (PI) cars are of inferior quality compared to authorised dealer models. However, PI cars often come with better features and competitive pricing, making them an attractive option for many buyers.
✔ Truth: The key difference lies in the warranty and after-sales service. Reputable parallel importers offer solid warranty packages and servicing options. Always check the track record of the seller before making a purchase.
Myth #4: You Must Trade In Your Old Car When Buying a New One
🚫 Myth! Many believe that trading in their old car at a dealership is the only way to get a good deal. However, car owners can explore direct selling, car consignment, or auction platforms to secure a better price.
✔ Truth: Getting multiple offers through a car valuation service can help you negotiate better. At SGCarDeals, we provide free car valuation and connect you with top dealers and buyers, ensuring you get the best possible price.
Myth #5: Expensive Cars Are Always More Reliable
🚫 Myth! While luxury cars come with premium features and higher comfort, it does not necessarily mean they are the most reliable. Some high-end brands have complex systems that require costly maintenance, while certain mainstream models are known for their durability and affordability.
✔ Truth: Reliability depends on brand reputation, maintenance history, and driving habits rather than price alone. If you are unsure about a car's value over time, getting a car valuation report can help you make an informed decision.
Conclusion: Stay Informed, Stay Ahead
There are many myths in Singapore’s car market that can impact your purchasing and selling decisions. By staying informed, you can make smarter financial choices and avoid unnecessary losses. Whether you need a car dealer you can trust or a car valuation service for an accurate price assessment, SGCARDEALS is here to assist you.
Want to find out your car's real market value? Get a free car valuation today!
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